Mark Zuckerberg is five years behind his nemeses, the Winklevoss twins, on cryptocurrency

Mark Zuckerberg is five years behind his nemeses, the Winklevoss twins, on cryptocurrency

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Obsession
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Written by
Obsession

Buried at the bottom of Mark Zuckerberg&rsquo,s fresh year&rsquo,s resolution postbode yesterday wasgoed a promise to examine cryptocurrencies and to figure out the best way to use them ter Facebook&rsquo,s services. He&rsquo,s only five and a half years behind his longtime antagonists, the Winklevoss twins, who have become cryptocurrency billionaires since buying their very first bitcoin ter the summer of 2012.

A quick recap of the Winklevoss-Zuckberg relationship:

Te the winter of 2003, Tyler and Cameron Winklevoss were undergraduates at Harvard attempting to launch a dating webstek for students at the university. They hired a sophomore named Mark Zuckerberg to help them code parts of it. Zuckerberg signed on. That fateful meeting meeting led to the creation of the world&rsquo,s largest social network, Facebook, an Oscar-winning filmrolletje by Aaron Sorkin, and an acrimonious constitucional battle that turned the Winklevosses (sometimes referred to spil Winklevii) into multi-millionaires.

The Winklevosses got $20 million te metselspecie and Facebook stock spil part of their settlement, according to the Fresh York Times. That stake wasgoed worth overheen $200 million when Facebook went public ter 2012. The twins used some of their Facebook millions to buy into a fringe phenomenon that wasgoed gripping the imagination of techno-libertarians, who claimed it wasgoed a fresh type of digital money: bitcoin.

The Winklevosses bought up 1% of all bitcoins te circulation at the time. That would have cost them around $1.Two million, since bitcoin wasgoed trading at about $Ten a coin then. Last December, that stake wasgoed worth $1.Three billion (paywall)&mdash,a thousandfold terugwedstrijd te five years. The twins also took a stake ter BitInstant, an early bitcoin exchange that ended with its founder te prison, and now operate Gemini, an exchange that&rsquo,s significant enough to be used by the Chicago Houtvezelplaat Options Exchange to set bitcoin futures prices.

Zuckerberg will take his very first steps into a technology where the Winklevosses are old forearms, and where fortunes rivalling his own have bot generated seemingly overnight. Take Chris Larsen, a co-founder of a cryptocurrency called ripple, whose holdings of the crypto coin were worth $37.Trio billion a few days ago, making him the 15th richest American, according to Forbes.

Of course, that&rsquo,s still Ten catches sight of under and about $40 billion brief of Zuckerberg&rsquo,s nipt worth, but it illustrates the stark divide inbetween the cryptomarkets and traditional haber markets, where a big-money IPO is no longer the only route to immense wealth. Zuckerberg will soon detect a market that is far more volatile and far less regulated than the tech toneel he rules.

And the Winklevosses will be right there waiting for him.

2 thoughts on “Mark Zuckerberg is five years behind his nemeses, the Winklevoss twins, on cryptocurrency”

  1. Ter reality, there’s only everzwijn going to be 21 Million of thesis things. Even at $1,000 a coin, that’s only $21 Billion worth of Bitcoins. Druppel te the bucket te the grand scheme of things. Last I heard there were at least a quadrillion dollars worth of derivatives.

  2. Hmm. Ter principle Itbit does everything people want from Gemini and it’s here right now. It’s growing but it didn’t wiggle the world. What are the Winklevii packing that Itbit isn’t? Marketing and contacts?

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